Modiin Energy’s partners previously announced that drilling would begin in January or February 2012.

24 July 11 10:44, Globes’ correspondent

Myra and Sarah license-holder Modiin Energy LP (TASE:MDIN.L) today notified the TASE that the rig for the drilling of the exploratory wells at the licenses will become available in December, after the rig completes three other wells, two in Israel and one in Cyprus.Earlier this month, Modiin Energy’s partner in the licenses, Israel Land Development Company Energy Ltd. (TASE: IE) announced that drilling of the exploratory wells by the Noble Homer Ferrington, owned by Noble Corporation (NYSE: NE) well would probably begin in January or February 2012. Today, Modiin Energy said that this rig would be available from December 1.

The Myra and Sarah leases have a best estimate of 6.5 trillion feet of natural gas with a 54% chance of geological success, but the range between the high and low estimates are quite large.

Holders of the Sara and Myra exploration licenses off Israel’s Mediterranean coast said today that a seismic survey showed they may hold 6.5 trillion cubic feet of natural gas.

“This is an excellent report for us and for the energy sector,” Ohad Marani, the chief executive officer of Israel Land Development Co. Energy Ltd., said at a conference in Tel Aviv. The average probability associated with the results is 54 percent, he said.

The results for Sara and Myra follow other gas finds off Israel since 2009, including the Tamar and Leviathan discoveries that together hold an estimated 25 trillion cubic feet. The finds are sufficient to meet Israel’s domestic needs eventually and enable it to export gas, industry executives and government officials have said.

“Its always exciting to find natural resources,” said David Kaplan, a Tel Aviv-based energy analyst at Barclays Plc. “The government has shown concern about having an effective monopoly on natural gas and none of the partners in Sara and Myra are partners in Tamar.”

Kaplan noted that Tamar is already being developed and may produce gas by 2013, while Sara and Myra are still targeted prospects rather than discoveries. “In the best case scenario, where everything goes perfectly, the first product may be two to four years from now,” he said.

Israel Land Energy fell 8 percent in Tel Aviv today after rising 13 percent yesterday on press reports of the estimates. Modiin Energy Ltd., another partner in the licenses, retreated 8.1 percent after gaining 8.8 percent in the previous session.